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Speaking at a CNBC-moderated panel at the Fintech Abu Dhabi event on Tuesday, Ripple’s Chief Executive Officer Brad Garlinghouse warned the Dogecoin community of DOGE’s alleged “inflationary dynamics”. He said the meme coin is not a good thing for the crypto market, considering its unlimited supply. Dogecoin started in 2013 with a supply limit of 100 billion coins, however this quickly changed to an uncapped supply.
The Ripple CEO contributes its success mainly to effective marketing:
“It was built as a joke, then it got some momentum from some high-profile people like Elon Musk.”
While global inflation is driving Bitcoin’s price, due to its cap of 21 million BTC to be mined, it does not have the same effect on DOGE that has no hard limit on the total supply of coins in circulation.
“I’m actually not convinced, somewhat controversially I guess, that Dogecoin is good for the crypto market. Dogecoin has some inflationary dynamics itself that would make me reluctant to hold it.”
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Regardless of his opinion on Dogecoin, Garlinghouse stated to be extremely optimistic about the cryptocurrency market in general.
DOGE’s year has been fantastic nevertheless. At the time of writing, DOGE is in the top 10 most valued digital currencies, currently trading at $0.2192 for 6,000% gains in 2021, according to CoinMarketCap. Competing meme coin and proclaimed ‘Dogekiller‘ Shiba Inu is two spots behind on 12th.
Much of Dogecoin’s success has been attributed to Tesla CEO Elon Musk, who started actively promoting DOGE on Twitter. The CEO even dubbed himself the ‘Dogefather’.